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Frank Newman
Three Waters is an appalling work of political manipulation and misinformation. It exemplifies what’s so bad about the 2020 Labour government. It also explains why there is such derision and hostility towards Jacinda Ardern and Nanaia Mahuta in particular.
In simple language, the terms of reference require the panel to reform local government in a way that is consistent with the wishes of central government. Reforming local government in the way recommended in the Future for Local Government report would be a giant leap forward for the government in achieving its He Puapua strategy.
Nanaia Mahuta has achieved exactly what she set out to achieve, and that is a much stronger presence of Maori around the local council decision making table. It’s a giant leap forward towards co-governance at a local level.
The most likely long-term outcome of the 3Waters reform is that the assumed cost and capital efficiencies will not materialise, due to a cumbersome governance structure subservient to cultural interests. The water reform is a high-risk proposition, with much higher risks that that faced by the 67 local authorities individually.
What we have seen is false advertising and orchestrated ‘news’ items on mainstream media to promote a perception that there is a need for reform. We have been given false assurances that the councils will retain ‘ownership’ of their water assets despite councils having no benefits of ownership and a report prepared by the Internal Affairs Department for Standard & Poors admitting water entities will have “limited Local Authority oversight”.
My first reaction to the "compelling" financial benefits claimed by Minister Mahuta was scepticism, for two reasons. First, the figures seem too good to be true. And second, as someone familiar with discounted cash flow analysis, I'm aware that minor "adjustment" to an underlying assumption can result in a significantly different result - the difference between a favourable or unfavourable recommendation.
Labour will be solely responsible for its achievements over the next three years, and fully accountable for its failures. Those who believe in the merits of a free market economy will have a historic opportunity to reaffirm the long-proven truth that the socialist ideal of a utopian society is a myth.
If the government wants to get New Zealand working it should get rid of the Resource Management Act. Even one of its architects, Geoffrey Palmer, has said the RMA is broken.
Investing is an act of optimism. The greater threat for our economy is the damage that has been done to business confidence. Pessimists don't invest.
The Reserve Bank's action says things are now more dire than they were during the Global Financial Crisis. This is in contrast to the buzz from the Beehive which is: 'Don't worry, be happy'!
